01  Summary

Futures are slightly lower this morning — S&P −0.1%, Nasdaq −0.2%, Dow −0.1% — as oil ticks up modestly (~$93 WTI) on lingering Iran deal uncertainty and the market digests Tuesday's strong AI-led surge. Yesterday's session was impressive: S&P +0.61% to a record 7,519.12, Nasdaq +1.19% to a record 26,656.18, led by Micron's 19% rocket on analyst upgrades. Iran remains the dominant backdrop — talks are progressing but US military strikes over the weekend and Iran's demands for $24B in frozen assets are keeping a final deal elusive.

Today is a busy day: ADP private payrolls at 8:15 AM gives the first jobs signal ahead of next Friday's NFP; Salesforce reports after the close — the enterprise AI software bellwether; and Marvell Technology reports after the close having surged 120% YTD on AI networking demand. Q1 earnings season is essentially over with S&P 500 blended growth tracking 29% YoY — well above the 16% estimate entering the season. The week's defining event remains PCE inflation on Thursday at 8:30 AM — the Fed's preferred gauge and the final big input for Warsh's June FOMC posture.